Regulatory Alerts2020-06-22
Recommendation 8/2020 on the protection of information systems
The Magyar Nemzeti Bank issued Recommendation 8/2020 to provide practical guidance to financial institutions on establishing risk-proportionate protection for their information systems. The document mandates the implementation of comprehensive IT governance, including the establishment of an information security management system, a security classification system, and the appointment of data and system owners. It further requires institutions to conduct regular risk assessments and ensure that all protective measures are commensurate with the specific risks and potential damages associated with their operations.
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